Paytm promotes CFO Madhur Deora to company president

Online payments major Paytm has promoted its chief financial officer Madhur Deora to president of the business. Deora will be the only senior executive at the business to hold the title of president.

Paytm has a new president - Paytm- FacebookDeora will now be responsible for the business’ profit and loss across all verticals, TNN reported. As the business’ only named president, Deora will take over the title from Bhushan Patil who held the title until he left Paytm in April. Deora will now report to Paytm’s founder and CEO Vijay Shekhar Sharma.

“We have grown over 20 times in the last three years by creating a payments-led lifestyle and financial services app in our country,” said Sharma in a statement, as reported by TNN. “The next phase of our journey is to expand our offerings in consumer internet and financial services. As we expand our business, we are promoting Madhur. He has been a key partner in this success.”

Deora first joined Paytm in 2016 after working in Citi’s investment banking arm for over 17 years. Deora’s last role at Citi before joining Paytm was as managing director of the business’ investment banking unit.

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Digital payments and e-commerce business Paytm has reported 1.2 billion merchant payments over the first quarter of the 2020 financial year fuelled by using its QR code services to onboard non-metro merchants.

Digital payments and e-commerce business Paytm saw its losses increase by 163% during the 2019 financial year due to increased expenses. The business’ revenue grew by around 6% during the same time period.